Xbrane Biopharma

OMX: XBRANE

SEK328.1mmarket cap

SEK39.5last close

Xbrane Biopharma is a Swedish developer of biosimilar products. The lead product is Xlucane, a Lucentis biosimilar partnered with STADA and produced using an efficient manufacturing system. A triptorelin generic, Spherotide, is being sold in Iran.

Investment summary

Xbrane, a leading innovative biosimilar development company, is moving into mammalian cell culture with announced plans for Xdivane, a biosimilar of the immunoncology blockbuster Opdivo (nivolumab, BMS). The company plans to launch Xdivane from 2026. Xbrane has issued guidance that its share of revenues from Xlucane, partnered with STADA and due for launch by Q122, could reach €100m. The XPLORE Phase III trial has enrolled its first patient, with its primary endpoint due in mid-2020. Our valuation remains SEK581m pending further information on Xdivane.

Y/E Dec

Revenue (SEKm)

EBITDA (SEKm)

PBT (SEKm)

EPS (fd) (öre)

P/E (x)

P/CF (x)

2017A

20.8

(40.9)

(44.2)

(814.0)

N/A

N/A

2018A

20.5

(8.0)

(13.1)

(213.0)

N/A

5.2

2019E

20.0

(140.5)

(146.9)

(1927.0)

N/A

N/A

2020E

20.0

(234.0)

(240.4)

(2896.0)

N/A

N/A

Last updated on 06/06/2019

Industry outlook

Xlucane competitors include bioeq and Formycon with Phase III data and Samsung Bioepis with a Phase III reporting primary data soon. Roche has a bispecific antibody, faricimab, entering Phase III after a good Phase II performance with one injection every 16 weeks. It is also trialling new Lucentis delivery systems.